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☆ Country Garden secures bondholder reprieve, sources say; shares soar
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

Country Garden did not immediately reply to a request for comment. The latest voting came after Country Garden on Sept. 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan ($533 million)onshore private bond. Country Garden, one of the few large Chinese developers that has not defaulted on debt obligations, has faced liquidity pressure with reduced available funds as sales plunged, its interim financial statements showed. It has 108.7 billion yuan ($14.9 billion) of debts due within 12 months, while its cash level are around 101.1 billion yuan as of end-June, according to the company's interim financial statement. Any default by Country Garden would exacerbate the country's spiralling real estate crisis, put more strain on its struggling banks and could delay the recovery of not only the property market, but the overall Chinese economy.

Persons: Shuyan Wang, Jing Bian, Xie Yu, Muralikumar Anantharaman, Jamie Freed Organizations: HK, Mainland Properties, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Beijing, Shanghai

☆ Country Garden faces fresh test for onshore bond extensions
▼ + stars: | 2023-09-11 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The voting, due to conclude by 10 p.m. Hong Kong time (1400 GMT) on Monday, will have onshore creditors decide on approving a proposal by Country Garden (2007.HK) to extend repayments of eight onshore bonds by three years. Country Garden did not immediately respond to request for comment. Country Garden has so far showed "higher willingness to stave off a default" compared to many of its peers, said Nicholas Chen, a Singapore-based analyst at research firm CreditSights. Chen expects Country Garden to continue striving to defer due bond payments on both onshore and offshore markets, given its inadequate liquidity position. ($1 = 7.3490 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Sumeet Chatterjee and Lincoln Feast.

Persons: Nicholas Chen, Chen, Xie Yu, Sumeet Chatterjee Organizations: Country Garden, HK, Thomson Locations: HONG KONG, Hong Kong, Singapore, Lincoln

☆ Xi’s Tight Control Hampers Stronger Response to China’s Slowdown
▼ + stars: | 2023-09-10 | by ( Lingling Wei | Stella Yifan Xie | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ China Exports Fall for Fourth Month as Once-Reliable Growth Engine Sputters
▼ + stars: | 2023-09-07 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ China Exports Fall for a Fourth Month as Once-Reliable Growth Engine Sputters
▼ + stars: | 2023-09-07 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-exports-fall-for-fourth-month-as-once-reliable-growth-engine-sputters-1ab9d689

Persons: Dow Jones

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. It has around $14.8 billion worth of debt due within 12 months, while its cash levels are around $13.8 billion. Country Garden declined to comment. Despite those measures, China's new home prices fell for the fourth month in August, according to a private survey on Friday, as the property debt crisis kept confidence at a low ebb. "Country Garden will probably make full use of the grace periods…it still looks challenging for them to generate enough cash for the upcoming payments, both onshore and offshore," said Ting Meng, a senior credit strategist at ANZ.

Persons: Aly, Edward Al, Ting Meng, Benjamin Bennett, they've, Xie Yu, Davide Barbuscia, Sumeet Chatterjee, Muralikumar Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Country Garden Holdings, HK, Columbia, U.S, Country Garden, ANZ, General Investment Management, Thomson Locations: Shanghai, China, HONG, Country, Hong Kong, New York

Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Country Garden did not respond to a request for comment. A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. Country Garden has not missed a debt payment obligation, onshore or offshore. "The three-year extension of maturity offered by Country Garden looks better than restructuring plans by most of the other troubled developers," Meng said.

Persons: Gary Ng, Tingshu Wang, Susannah Streeter, Hargreaves Lansdown, DODGE, CreditSights, Ting Meng, Meng, Xie Yu, Shuyan Wang, Jason Xue, Sumeet Chatterjee, Christopher Cushing, Kim Coghill Organizations: HK, Reuters, Country, Natixis Asia Pacific, REUTERS, Services, Global, Hargreaves, Mainland Properties, CSI, ANZ, Thomson Locations: HONG KONG, BEIJING, Tianjin, China, Hong Kong, Beijing, Shanghai, Bengaluru

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. She noted that Country Garden and other developers face payments for sizeable maturities this year. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sept. 2. After that, the creditors said they expect Country Garden to enter into restructuring negotiations for its entire offshore debt to avoid a "hard default", similar to what it did with the onshore creditors. Country Garden did not immediately respond to a request for comment.

Persons: Aly, Tara Hariharan, haven't, Qi Wang, Xie Yu, Joe Cash, Sumeet Chatterjee, Edwina Gibbs Organizations: Shanghai Country Garden, REUTERS, HONG KONG, HK, Management, Thomson Locations: Shanghai, China, HONG, New York, Hong Kong, Carolina, Beijing

An unprecedented liquidity crisis in China's vast property sector is a major risk to a sputtering post-COVID recovery in the world's second-biggest economy, which has rattled global markets. Country Garden debt payment extension buys time for China's largest private developer to avoid default, and is good news for financial markets and the Chinese government, which has announced a raft of measures to support the property sector. In Friday's vote, 56.08% of participating Country Garden onshore creditors approved the extension, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the real estate crisis and put more strain on its onshore lenders.

Persons: spiralled, Junan, Zhou Hao, Moody's, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: Reuters, HK, China Evergrande, Thomson Locations: HONG KONG, Beijing, China, Caa1, Hong Kong, Shanghai

☆ Country Garden: How bad are Chinese property developer's debt problems?
▼ + stars: | 2023-09-02 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

A view of closed shops in a mall at Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. Who is Country Garden and why do people care about its debt woes? How bad is Country Garden's financial situation? It faces 108.7 billion yuan ($14.9 billion) worth of debts due within 12 months, while its cash levels are around 101.1 billion yuan. It said Country Garden was facing tight liquidity and recovery prospects for bondholders could be weak.

Persons: Edgar Su, Will, Moody's, Xie Yu, Sumeet Chatterjee, David Holmes, Gerry Doyle Organizations: REUTERS, HK, China Evergrande, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Evergrande, Will Beijing, Beijing, Guangdong, Caa1

HONG KONG/BEJING, Sept 2 (Reuters) - Country Garden (2007.HK) has won approval from its creditors to extend payments for an onshore private bond, two sources said on Saturday, in a major relief for the embattled Chinese property developer as well as the crisis-hit property sector. Country Garden was seeking approval from its creditors to extend the maturity for a 3.9 billion yuan ($540 million) onshore private bond in a vote that ended on Friday night. China's largest private property developer had proposed to repay the debt in instalments over three years instead of meeting its obligations by Saturday. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the country's real estate crisis, put more strain on its onshore lenders and further delayed the prospect of a recovery of the property market.

Persons: spiralled, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: HK, Reuters, Thomson Locations: HONG KONG, Beijing, Hong Kong, Shanghai

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

☆ Explainer: Country Garden: How bad are the Chinese property developer's debt problems?
▼ + stars: | 2023-09-01 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

A view of closed shops in a mall at Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. Who is Country Garden and why do people care about its debt woes? Until this year Country Garden was the largest Chinese developer by sales. It faces 108.7 billion yuan ($14.9 billion) worth of debts due within 12 months, while its cash levels are around 101.1 billion yuan. It said Country Garden was facing tight liquidity and recovery prospects for bondholders could be weak.

Persons: Edgar Su, Will, Moody's, Xie Yu, Sumeet Chatterjee, David Holmes Organizations: REUTERS, HK, China Evergrande, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Evergrande, Will Beijing, Beijing, Guangdong, Caa1

☆ Some onshore creditors of Country Garden private bond receive interest payments
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - Some onshore creditors of embattled Chinese property developer Country Garden's (2007.HK) private bond have received interest payments, sources told Reuters on Friday. The development comes after Country Garden on Thursday delayed a deadline for creditors to vote on whether to postpone payments for that onshore 3.9 billion yuan ($537 million) private bond until Friday 1400 GMT to give bondholders "sufficient time" to prepare for the vote. Country Garden did not immediately respond to request for comment. Reporting by Li Gu, Kevin Huang and Xie Yu; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Li Gu, Kevin Huang, Xie Yu, Alex Richardson Organizations: REUTERS, HK, Reuters, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG

☆ Country Garden faces key test as onshore bondholders set to vote on extension
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. On Wednesday, the company - China's largest private developer - posted a staggering $6.7 billion in first-half losses and warned of default risks. Country Garden has been talking with its onshore creditors to extend a 3.9 billion yuan ($535.4 million) private bond due on Saturday. According to the extension plan, Country Garden will repay the onshore private bond in seven installments ending in September 2026. ($1 = 7.2838 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Anne Marie Roantree and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, HONG KONG, Xie Yu, Anne Marie Roantree, Jacqueline Wong Organizations: REUTERS, HK, Thomson Locations: Tianjin, China, HONG, Hong Kong

☆ China says drop in trade with the U.S. is 'a direct consequence of U.S. moves'
▼ + stars: | 2023-08-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Jason Lee | ReutersBEIJING — China's ambassador to the U.S., Xie Feng, has blamed U.S. tariffs and export controls for a drop in trade between the two countries. "This is a direct consequence of U.S. moves to levy Section 301 tariffs on Chinese imports, abuse unilateral sanctions and further tighten up export controls," he said. China's trade partnersThe U.S. is China's largest trading partner on a single country basis. Following her meetings with Chinese government officials, the U.S. and China agreed to establish regular communication channels on commerce, export controls and protecting trade secrets. Xie claimed that average U.S. tariffs on Chinese products were 19%, while the Chinese tariffs on U.S. goods averaged 7.3%.

Persons: Jason Lee, Xie Feng, Xie, Gina Raimondo's, Raimondo, Trump, Joe Biden, Janet Yellen Organizations: Reuters, Reuters BEIJING —, Forbes, U.S, China Business Forum, European Union and Association of Southeast, . Commerce Secretary, . Commerce, The Locations: Washington, Beijing, Taiwan, South China, Reuters BEIJING, U.S, China, New York, U.S . China, United States, Nations, France, Japan, The U.S

Country Garden is China's largest private developer. Country Garden has been in talks with onshore creditors to extend payments on the private bond and has proposed to repay in instalments over three years instead of meeting its obligations by the deadline on Saturday. "Country Garden may be able to extend its debts, but it does not mean the company and property sector are out of the woods unless home sales rebound." On Wednesday, creditors holding 10.5% of the outstanding principal, added a new proposal where they can vote to immediately call the company in default. The company's extension plan for the onshore private bond calls for payments in seven instalments ending in September 2026.

Persons: Matthew Pestronk, Goldman Sachs, Moody's, Kaven Tsang, Gary Ng, Ng, Xie Yu, Clare Jim, Li Gu, Matt Tracy, Sumeet Chatterjee, Anne Marie Roantree, Jacqueline Wong, Kim Coghill, Susan Fenton Organizations: HK, Post, People's Bank of China, Thursday, Asia Pacific, Thomson Locations: China, HONG KONG, SHANGHAI, Beijing, Hong Kong, Philadelphia, Guangzhou, Shenzhen, Caa1, Asia, Shanghai

☆ Some offshore creditors of Country Garden consider forming group for debt revamp talks
▼ + stars: | 2023-08-30 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Kobre hosted a call with some of Country Garden's offshore creditors on Tuesday night, during which the law firm laid out Country Garden's primary business units, core assets which include its onshore and offshore property projects. A spokesperson for Country Garden on Wednesday declined to comment when asked by Reuters about the possibility of some offshore bondholders forming a group for debt restructuring talks. Country Garden has been talking with its onshore creditors to extend a 3.9 billion yuan private bond due Saturday. Country Garden's shares fell another 3.3% on Wednesday, taking its losses in the last month alone to more than 40%.

Persons: Aly, HONG KONG, John Han, Kim, Kobre, Han, Xie Yu, Sumeet Chatterjee, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, Kobre, Reuters, Garden, Thomson Locations: Shanghai, China, HONG, New York, HK, Hong Kong

☆ In China, Raimondo says US will prioritise national security, does not seek decoupling
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Andy Wong/Pool via REUTERS/ Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - The United States will put national security concerns first but does not seek to decouple from China, Commerce Secretary Gina Raimondo told China's Vice Premier He Lifeng at a meeting on Tuesday. "While we will never compromise in protecting our national security, I want to be clear that we will never seek to decouple or hold China's economy back," Raimondo said during opening remarks in Beijing's Great Hall of the People. A confidant of President Xi Jinping, He took up the post of China's economy tsar in March, having earlier run the powerful state planner. Earlier on Tuesday, Raimondo and Tourism Minister Hu Hepin agreed to hold the 14th China-U.S. Tourism Leadership Summit in China in the first half of 2024. Such an exchange offered a platform to reduce misunderstandings of U.S. national security policies, Raimondo said on Monday, but added, "We are not compromising or negotiating on matters of national security.

Persons: Gina Raimondo, Andy Wong, Biden, " Raimondo, Xi Jinping, Liu, Raimondo, Hu Hepin, Walt Disney, Matthew Axelrod, Xie Feng, Wang Wentao, Xie, Wang, David Shepardson, Joe Cash, Clarence Fernandez Organizations: . Commerce, of, People, REUTERS, Rights, Harvard, U.S . Tourism Leadership Summit, Commerce Department, United, Walt, Shendi, Twitter, Intel, Micron, Thomson Locations: Beijing, China, Rights BEIJING, United States, decouple, Beijing's, U.S, Seattle, Shanghai, Washington

☆ US commerce chief meets Chinese premier in Beijing
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/3] U.S. Commerce Secretary Gina Raimondo and Chinese Vice Premier He Lifeng head to their seats for a meeting at the Great Hall of the People in Beijing, China, Tuesday, August, 29, 2023. Andy Wong/Pool via REUTERS/ Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - U.S. Commerce Secretary Gina Raimondo met China's Premier Li Qiang in Beijing on Tuesday, her second full day of talks with top Chinese leaders on balancing business ties and national security concerns. Earlier on Tuesday, Raimondo told China's economy tsar and her direct counterpart, He Lifeng, that the U.S. does not seek to decouple from its geopolitical rival. A confidant of President Xi Jinping, He took up the post of China's economy tsar in March, having earlier run the powerful state planner. Such an exchange offered a platform to reduce misunderstandings of U.S. national security policies, Raimondo said on Monday, but added, "We are not compromising or negotiating on matters of national security.

Persons: Gina Raimondo, Andy Wong, China's, Li Qiang, Raimondo, Biden, Xi Jinping, Liu, Hu Hepin, Walt Disney, Matthew Axelrod, Xie Feng, Wang Wentao, Xie, Wang, David Shepardson, Joe Cash, Clarence Fernandez Organizations: . Commerce, of, People, REUTERS, Rights, Harvard, U.S . Tourism Leadership Summit, Commerce Department, United, Walt, Shendi, Twitter, Intel, Micron, Thomson Locations: Beijing, China, Rights BEIJING, U.S, Seattle, United States, Shanghai, Washington

☆ China is doing everything it can to conceal the true extent of its economic turmoil
▼ + stars: | 2023-08-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.

Persons: —, Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

☆ Communist Party Priorities Complicate Plans to Revive China’s Economy
▼ + stars: | 2023-08-27 | by ( Lingling Wei | Stella Yifan Xie | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/communist-party-priorities-complicate-plans-to-revive-chinas-economy-84a156d7

Persons: Dow Jones

☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

☆ US Commerce chief seeks trade, tourism boost in China talks
▼ + stars: | 2023-08-27 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

[1/4] U.S. Commerce Secretary Gina Raimondo, shakes hands with Lin Feng, Director General of China Ministry of Commerce as U.S. Republicans in Congress have criticized the possibilityRaimondo will establish a working group with China during the visit to discuss U.S. semiconductor export controls. China's ambassador to the United States, Xie Feng, who met Raimondo last week, said China seeks "mutual respect, peaceful coexistence and win-win cooperation". 'MANY CHALLENGES'Raimondo, the fourth high-level U.S. official to visit China recently, is the first commerce secretary to make the trip in seven years. China and the United States agreed this month to double the number of flights permitted between them - still a fraction of the number before the pandemic.

Persons: Gina Raimondo, Lin Feng, China Nick Burns, Andy Wong, Raimondo, I'm, Mintz, " Raimondo, China Nicholas Burns, Joe Biden, Xie Feng, Wendy Cutler, Xi Jinping, Walt Disney, David Shepardson, Michael Martina, Robert Birsel, Bill Berkrot Organizations: . Commerce, China Ministry of Commerce, Beijing Capital International Airport, REUTERS Acquire, Rights, Micron Technology, U.S, Chinese Commerce Ministry, Republicans, Asia Society Policy Institute, United, Walt, Shendi Group, Reuters, Boeing, Thomson Locations: China, Beijing, Rights BEIJING, United States, Shanghai, America, U.S, Washington

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